Publicis Groupe has decided not to give any financial guidance until further notice, citing an uncertain, volatile and unprecedented economic situation as a result of the global COVID-19 crisis.
“As industry peers and other media companies have already communicated, it is difficult to accurately predict the evolution of advertising and marketing spend,” Publicis said in a press statement. The Groupe did indicate, however, that its revenues at end of February were in line with its 2020 roadmap. The company’s first quarter revenue will be published on April 23, 2020 before the market opens.
The move follows Interpublic Group’s decision on Thursday to withdraw its 2020 full-year financial target amid the economic uncertainty.
The Publicis statement reiterated that management is currently focused on the safety and well-being of its people, noting that 95% of its talent around the world are connected able work from home to support all of the Groupe’s clients.
It also underlined the Groupe’s message last week that it would continue to protect all stakeholders’ interests and “rigorously manage all costs, particularly during this period.”
Last month Publicis reported net revenue in 2019 was up 9.3% with a 2.3% decline in organic growth.